08-17-2005 - Laserfiche WebLink

Home Browse Search

Mounds View Planning Commission August 3, 2005 Regular Meeting Page 11 ________________________________________________________________________ #3 and added to TIF District #5. He added the Commission’s responsibility is not in the numbers but in generally reviewing / approving the modification if it is consistent with plans for the City. Commissioner Zwirn asked what impact would there be, in terms of money, of taking three parcels out of TIF District #3 and adding to #5. Director Ericson stated there would be no effect because the three are all municipal properties and they do not generate taxes. Commissioner Meehlhause asked if the $14 million was based on Medtronic going forward with the entire project. Director Ericson stated no, the TIF district creation proposed would support the Phase 1 development and getting the site ready for the project, but it does not contemplate any future expansion of the project. Commissioner Meehlhause asked what if business changes and there are cut backs, etc. Director Ericson stated the City’s protection is the pay-as-you-go note. If there are cut backs, etc. and the dollars are not there, at the end of the TIF term the City pays out only a percentage of what is paid in. He noted if values appreciate, the payout will be quicker, but the standard is 25 years. Acting Chair Miller asked how 25 years was determined. Director Ericson stated that was planned in the negotiations; it is the statutory requirement which cannot be exceeded. Commissioner Hegland asked to explain what would constitute conformity to the general plan. Director Ericson replied, on the face, it would comply in terms of office development or the project as a whole conforms because of the growth and development envisioned. Stacey Kvilvang, Ehler & Associates, stated the Commission is not looking at financing of TIF but rather do the plans to construct the office building conform to land use, zoning, etc. Commissioner Zwirn stated the wording says “development plans and tax increment plan”. Director Ericson stated it does get wordy but the language is required. A modification to the project plan is needed because the City is adding something that did not exist before, and tax increment financing is a component of that. He noted the issue would be heard by the EDA and City Council on August 22, 2005. Acting Chair Miller referenced the resolution, second whereas, the Commission has reviewed the plans to determine their conformity with the general plans for the development and redevelopment of the City as described in the comprehensive plan for the City. MOTION/SECOND: Miller/Meehlhause. To approve Resolution 805-05, a Resolution Recommending Approval of a Finding that a Modification to the Project Plan For the Mounds View Economic Development Project and a Tax Increment Financing Plan for Tax Increment Financing District No. 5 Conform to the General Plans for the Development and Redevelopment of the City. Ayes – 2 Nays – 4 (Hegland, Scotch, Zwirn, Hull) Motion failed. Commissioner Hegland stated more information pertaining to TIF, i.e. conformity is needed.